Eurogroup and Greece Have No Deal!

No Surprise, Greece was threatened by the Eurogroup and No Deal was reached.
OK, the important deadline-meeting broke apart Monday, after only 3 hours, without a deal.
After the Eurogroup with Jeroen Dijsselbloem created the threat that the Monday meeting must offer a deal that would meet the deadline for the ECB to vote on it, it is now unclear how the Eurogroup will increase their threats on the Greek government that is not moved by such threats.
Indeed we are concerned that sponsored terror or assassinations could befall the Greeks…

Greek Finance Minister Explains Why Debt Renegotiation Failed

Published on Feb 16, 2015
Yanis Varoufakis explains why talks aimed at renegotiating Greece’s debt broke down without an agreement.

EU talks tough to Greece after debt talks collapse

NOTE:
I do not wish to focus on the Greek Debt Crisis and possible exit from the EU as a daily soapbox drama series, thus I may not be discussing Greece much until after some important deadlines have expired. Be aware of these 2015 dates:

February 28: Greece’s bailout agreement with the eurozone expires. In December, eurozone ministers agreed to extend the European portion of the EU-IMF rescue by two months from the end of 2014.

July 20: Greece faces a huge repayment to the ECB of 3.5 billion euros. According to several analysts, Greece can survive without a backstop until this date, as long as the ECB keeps some level liquidity available to Greece’s banks, but afterwards it faces a default.

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Minsk2 and Ukraine Peace. What do Putin, Merkel, Hollande and Poroshenko want?

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Real Threats From The Bankers

Wall Street Journal February 18, 2015

Eurozone officials shook their heads when Yanis Varoufakis, Greece’s mercurial new finance minister, repeatedly told journalists after the Greek elections last month that his government was “insolvent” and “bankrupt.”

At meetings of eurozone finance ministers on Monday night and last week, European Central Bank President Mario Draghi warned Mr. Varoufakis that such statements threatened to accelerate the flight of deposits from Greek banks, officials present at the meetings said.

“Draghi was urging him to be careful,” said one official who was present Monday. “Careless communication is not good for the banks.”
Mr. Draghi’s warning points to a string of incidents in which the brash style of Greece’s new left-wing government—and particularly of Mr. Varoufakis—has breached unwritten rules of eurozone decorum.

“It’s a culture clash,” the official said. -WSJ
☼

Greek Government prepared to vote on abandoning austerity measures Friday

I have difficulty restraining my laughter at so threatening an affair: A Monday deadline was set, and now
“The eurozone ministers set a deadline of Friday for Greece to agree to an extension of its current bailout program if it wants to continue working with the finance ministers.”
But…
Greeks ready to show resolve at the latest threats from the eurozone with the deadline ultimatum handed to the Greek to extend the debt-austerity package, aka “bailout program”.
Look for the Greek vote Friday 20 Feb 2015.

My warning sense is the Criminal element in the eurogroup will exert extreme physical coercion as documented in Perkins book: Confessions of a Economic Hitman…

U.S. Treasury secretary Jack Lew Threatens Greece

Jack Lew spoke with Greek finance minister Yanis Varoufakis today. He warned him that Greece would face “immediate hardship” without an agreement, and that the current deadlock is “not good” for Europe…

A Treasury official said that Lew:

….noted that failure to reach an agreement would lead to immediate hardship in Greece, that the uncertainty is not good for Europe, and that time is of the essence.”

Greece runs out of funding options despite euro zone reprieve

Reuters February 27, 2015

Greece is running out of options to fund itself despite a four-month bailout extension, raising pressure on Athens to quickly implement reforms it has vocally opposed or default on debt repayments in a matter of weeks.

Eurozone and IMF creditors gave Greece extra time until the end of June to complete the bailout program and receive the remaining 7.2 billion euros but it will not be allowed any funds until it passes a review that could take weeks to negotiate.

Shut out of debt markets and faced with a steep fall in tax revenues, Athens is expected to run out of cash by the middle or end of March. Its finance minister has warned that Greece will struggle to repay creditors starting with a 1.5 billion euro IMF loan repayment due in March.

Athens has been looking for quick fixes to tide it through the coming weeks but has not found one yet.

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